Core Insights - The "Two New" policies have shown significant effectiveness in the first three quarters of the year, with various industries experiencing positive growth trends [1] Equipment Investment - Overall equipment procurement in industrial enterprises increased by 9.4% year-on-year, with high-tech manufacturing equipment procurement rising by 14% [1] - The information and technology sectors saw substantial increases in equipment investment, with procurement amounts growing by 26.8% in information transmission software and IT services, and 32.5% in scientific research and technical services [1] - Digital equipment procurement across all industries grew by 18.6%, indicating a strong focus on digital transformation [1] Consumer Goods and Sales - The "old for new" policy for consumer goods has yielded notable results, with retail sales in daily household appliances and furniture increasing by 48.3% and 33.2% year-on-year, respectively [1] - Newly included sectors, such as mobile and communication devices, reported a retail sales revenue increase of 19.9% [1] Automotive Sector - Sales data for motor vehicles indicates that new energy vehicle sales increased by 30.1% year-on-year, reflecting the effectiveness of the automotive "old for new" policy in stimulating consumer demand [1]

Group 1 - The implementation of a package of incremental policies since September 26 last year has led to a steady recovery in both invoice sales and tax revenue growth, indicating a positive trend in the Chinese economy [1][3] - From Q3 of last year to Q3 of this year, the quarterly sales revenue growth rates for enterprises were 0.4%, 2.6%, 2.1%, 3.1%, and 4.4%, showing a gradual increase [1] - Tax revenue has turned positive after seven months of negative growth, with a cumulative increase in tax revenue since February this year, reflecting improved fiscal income collection [1] Group 2 - Tax revenue from the manufacturing sector increased by 5.4%, accounting for 31% of total tax revenue, with high-end manufacturing sectors like railway and aerospace seeing significant growth [2] - The domestic value-added tax grew by 3.2%, indicating improved business operations, while corporate income tax rose by 4.1%, reflecting better profitability in certain industries [2] - The real estate sector's tax revenue decreased by 9.8%, but the decline has narrowed significantly compared to earlier periods, aided by tax incentives aimed at stabilizing the market [2] Group 3 - The acceleration of equipment updates and the continuation of the old-for-new consumption policy have boosted consumer activity, with machinery equipment purchases rising by 9.7% year-on-year [3] - Retail sales of household appliances, such as refrigerators and televisions, have seen substantial growth, with increases of 55.4% and 35.3% respectively [3] - The incremental policies are viewed as effective measures to address economic challenges, focusing on stimulating consumption, stabilizing the real estate market, and activating the capital market [3]

10月16日，《证券日报》记者从国家税务总局了解到，2024年3月份，党中央、国务院部署了大规模设 备更新和消费品以旧换新系列政策措施。政策实施以来，效应持续发力显效，有力助推设备投资和消费 增长。今年随着大规模设备更新和消费品以旧换新政策加力扩围，全国企业设备更新加快推进，消费品 以旧换新政策成效明显。 一是工业企业设备更新总体较好。增值税发票数据显示，今年前三季度，工业企业采购机械设备类金额 同比增长9.4%。其中，高技术制造业保持良好增长势头，采购机械设备类金额同比增长14%；电力热力 燃气及水生产和供应业采购机械设备类金额同比增长10.5%，其中热力管道改造加力提速，热力生产和 供应行业采购机械设备类金额同比增长16.4%。 二是信息、科技行业设备更新投入力度加大。增值税发票数据显示，今年前三季度，信息传输软件和信 息技术服务业、科学研究和技术服务业采购机械设备类金额同比分别增长26.8%、32.5%，反映新质生 产力领域投入力度加大。 三是企业数字化设备更新动力较足。增值税发票数据显示，今年前三季度，全国企业采购数字化设备金 额同比增长18.6%，反映数字化转型成为企业重要的发展方向。其中，一些高端 ...